Ky. Rev. Stat. § 385.012

Current through Acts Received April 24, 2024

Section 385.012 - Definitions

As used in KRS 385.022 to 385.222:

(1) "Adult" means an individual who has attained the age of eighteen (18) years;

(2) "Benefit plan" means an employer's plan for the benefit of an employee or partner;

(3) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others;

(4) "Conservator" means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions;

(5) "Court" means District Court;

(6) "Custodial property" means:

(a) Any interest in property transferred to a custodian under KRS 385.032 to 385.222; and

(b) The income from and proceeds of that interest in property;

(7) "Custodian" means a person so designated under KRS 385.092; or a successor or substitute custodian designated under KRS 385.182;

(8) "Financial institution" means a bank, trust company savings institution or credit union, chartered and supervised under state or federal law;

(9) "Legal representative" means an individual's personal representative or conservator;

(10) "Member of the minor's family" means the minor's parent, step-parent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption;

(11) "Minor" means an individual who has not attained the age of eighteen (18) years;

(12) "Person" means an individual, corporation, organization, or other legal entity;

(13) "Personal representative" means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions;

(14) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States;

(15) "Transfer" means a transaction that creates custodial property under KRS 385.092;

(16) "Transferor" means a person who makes a transfer under KRS 385.032 to 385.222;

(17) "Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.

KRS 385.012

Effective:7/15/1986
Created 1986 Ky. Acts ch. 182, sec. 1, effective7/15/1986.